2009 has so far been a year of false dawns in the property market, with building societies, banks and industry bodies such as the Council of Mortgage Lenders and the Royal Institute of Chartered Surveyors all issuing conflicting data from month-to-month. But despite inconsistencies in the actual hard figures, all are reporting decline rather than growth in respect to mortgage lending, sales volumes and property prices. In response to this continuing uncertainty, a growing number of homeowners are opting to convert their loft space rather than move to a new roost. But what should you aim to achieve with your loft conversion, and what value will it add in both the short and the long-term?  

In it for the long-run 

If you’re planning on remaining in the property in the medium to long-term, then your loft conversion should be more centred around your own tastes, with a specific emphasis on adding value to yours and your family’s lifestyles. According to Rick Marshall of design management company BPM, long-term residents need to put sell-on considerations to the back of their minds when planning a loft conversion: “If you’re putting down roots in the property, then the loft conversion should serve primarily to meet your own needs – it’s too big a commitment to try and tick potential future buyer’s boxes as well as all your own.” He added: “Future buyers won’t have a feel for how the property looked before the loft conversion anyway, so in many ways what you do with the loft conversion is of no consequence to them, because they’ll just see it as part of the house and not something new.” 

Improve to move 

If you’re carrying out a loft conversion as a means to add value to your property ahead of a move, then you need to adhere to a different set of priorities that place less of an emphasis on your own specific needs, and more on generating flexible, practical space. The key to appealing to a wide range of people is to create a relatively blank canvas, so avoid installing high maintenance or niche features which would be difficult or expensive to run or remove, such as a sauna or a hot tub. Also,  keep in mind your property’s value ceiling, which is dictated largely by the price of other similar properties in your immediate area. The average price of houses in your neighbourhood has an influence that you’ll struggle to overcome, regardless of the specifications and quality of your loft conversion, or any other extension for that matter.  Researching the price of comparable properties in your area will give you a clear indication as to the price you can achieve with yours post-conversion, but when looking at local house prices be sure to find out how long the properties have been on the market, because prices being sought may not be representative of recent market decline as sellers hold out to achieve what are now unrealistic valuations. To find out the final selling prices of properties in your area, go to www.houseprices.co.uk 

Creating practical space

Converting a loft is a big commitment that needs thoroughly thinking through in order to get maximum benefit from the space being created - an ill-conceived loft conversion can easily turn into a very expensive way to create storage space. Commissioning a loft conversion specialist to carry out a detailed feasibility survey of your roof-space will help you determine exactly what kind of area you can expect to gain, and many companies will offer this service for free. Prior to the survey, work out your proposed budget so that the surveyor can make a more accurate proposal based on what you can afford, as well as what’s structurally possible. Liveable space will add more general value to your property and quality of life than impractical or cramped space, so any design proposal should be focused on creating spaces that can actually be used and enjoyed, rather than oddly-shaped or awkward spaces that just add area for the sake of adding area.  

Access is key

Access is a major consideration when planning a loft conversion, and if you’re hoping to create a practical living space that will be used as much as any other communal room in the house, then you need to pay serious attention to how the room will be accessed. Loft ladder access only is not permitted under building regulations for habitable rooms, but they are still acceptable if the loft is to be used as a storage space. The feasibility survey will establish whether or not the property can structurally sustain a regulation staircase, as well as helping to determine an approximate cost for installing it. 

Planning permission

Whatever the purpose of your planned loft conversion, it’s wise to consult your local council’s planning office or a loft conversion specialist before starting the work. Due to recent changes in legislation (October 2008) many types of loft conversions are now exempt from planning permission, but there are limitations placed on specific types of property that could affect larger conversions, or those that involve a re-configuration of the exterior of the roof. A loft conversion specialist will have a good understanding of what requires council approval and what doesn’t, and they can also help with the planning application should the proposed extension require permission. Full details of planning regulations governing loft conversions can be found here: www.planningportal.gov.uk: loft conversions  

How much value will a loft conversion add?

A recent survey by Halifax Building Society revealed that a loft conversion is the most profitable home improvement to carry out, on average yielding a higher return on investment than building a conservatory, installing a new kitchen and even adding a garage. The actual increase in value that you can achieve with your loft conversion will vary greatly depending on the quality of construction, the amount and practicality of the space gained, and the price of comparable properties in your local area, but when planned and carried out properly a loft conversion can add considerable value to your home as well as make you significant savings on energy costs through more efficient insulation.  

What else do I need to know?

Notifying your insurance provider of your loft conversion is essential, otherwise you can run the risk of invalidating your cover. They’ll need notifying prior to work actually starting because they may wish to make a temporary amendment to the policy to include cover for accidents that could occur during the construction stage. Also, contact your local council to see if they can make a contribution to the costs of insulating the roof around your loft. If you can prove to them that your loft conversion will be increasing the value and energy efficiency of your home, they may be prepared to offer you a grant to cover the costs of buying and installing the insulation. Not only will better insulation drive down your own energy costs, it could make your home more attractive to buyers who are looking for homes that are cheaper to run.